Mylo, a fintech company emerging from Egypt’s omnichannel retailer B.TECH, has announced that it has received official approval from the Financial Regulatory Authority (FRA) to offer fully digital onboarding services in Egypt. This makes Mylo one of the first companies in the country to provide such services through its fintech license.
Digital onboarding allows users to integrate into a service or platform through digital technologies, eliminating the need for traditional methods like in-person interactions and wet signatures for Know Your Customer (KYC) verifications. With this new process, users can onboard, activate their accounts, and gain instant access to credit from anywhere and at any time.
Mohamed Khattab, CEO of Mylo, stated, “Mylo’s vision is to empower millions of individuals and businesses with accessible, responsible, and innovative financial solutions.” The company plans a phased expansion across Egypt, with services currently available in key Upper Egyptian cities, including Assiut, Sohag, Qena, Luxor, and Aswan. The rollout will also cover cities in the Delta region such as Tanta, Mansoura, and Alexandria, with full nationwide coverage expected by mid-year.
Egypt’s fintech sector has grown significantly, with a 5.5-fold increase in the past five years. The sector now hosts 177 startups, as highlighted by the recent FinTech Landscape Report by Entlaq, indicating the rapid rise of digital financial services in the country.
